Real estate developer TCG Real Estate has secured a funding of Rs 714 crore from State Bank of India (SBI) for its World Trade Centre project in Gurugram, according to documents accessed by CRE Matrix, a real estate data analytics firm.
The company is developing a business park ‘World Trade Centre’ off NH-8, Sohna Road in Gurugram. The project envisages development of 1 million square foot of leasable area. These funds will be utilised towards the development of World Trade Centre in Gurugram.
According to the documents, the funding of Rs 714 crore is secured in the form of a loan from SBI for a tenure of 72 months or six years. The annual rate of interest payable is 9.6 percent.
Documents showed that the Energetic Construction Private Limited has secured a loan of Rs 714 crore from SBI for the World Trade Centre project in Gurugram. TCG Urban Infrastructure Holding Pvt. Ltd. is the promoter of Energetic Construction Pvt. Ltd.
The deed of Hypothecation was executed between the Energetic Construction Private Limited in favour of SBICAP Trustee Company Limited on March 28, 2024, the documents showed.
There was no immediate response from the SBI and the TCG Real Estate on the development. The copy will be updated after receiving a response.
Spreading over a land of 7.94 acres, the World Trade Centre in Gurugram comprises of a total leasable area of 10,13,168 square feet consisting of office block and retail block in the form of four towers.
The office block will have a leasable area of 9.4 lakh sqft while the retail block will have 72,407 sqft leasable space. The scheduled commercial operation date is October 2027. The estimated cost of the project is Rs 1211.86 crore, the documents showed.
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According to documents, construction period of the project is 48 months and the moratorium period is of 12 months. In case of irregular payment upto 60 days an annual penal interest of two percent will be charged. If the irregular payment exceeds 60 days, then an annual penal interest of five percent will be applicable on the outstanding amount for the period of irregularity, the loan documents showed.
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